The first step in getting your estate plan done is adopting your revocable trust and funding your trust with all of your assets. But keep in mind that your revocable trust must be revisited over time to address changes in your life and asset portfolio.
There are several circumstances that may warrant an update to your estate plan, including (but not limited to):
- Marriage or dissolution of marriage
- Death of a spouse
- Birth or death of a child or other beneficiary
- Medical issues, substance abuse issues, or financial irresponsibility of a beneficiary or named trustee or other agent
- A substantial increase or decrease in asset values, including acquisition of new business interests, real property, or other valuable assets
In addition, married couples with estate plans executed prior to 2012 should have their estate plans reviewed in light of the introduction of portability of the deceased spouse’s unused estate tax exclusion.
We also encourage our clients to do regular check-ins with our team and their financial advisor to discuss potential lifetime gifting strategies. We frequently use irrevocable trusts to reduce a client’s taxable estate by making transfers of wealth during life. There are many tools available to us to carry out your broader financial plan.
Speak with our estate planning team today to discuss any changes that may need to be made to your estate plan.